KYRREX ANALYTICS 03/03/2020 | BTCUSD. Continuing down movement

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello! The KYRREX project is with you again.
Having received profit from the previous short position, we are keeping an eye on factors developing on the Bitcoin market. Today we define scenarios of the first cryptocurrency movement in March.

The market momentum analysis is illustrating a rather interesting picture, where the overall trend is still downwards. In the short term the roll back of prices is expected to the balance area within the range of 9280 - 9500. We place limit short orders on this price level.

Anticipated time of reaching the first goal - March, 23, the most likely price level to be achieved is 7800.

Therefore we see an array of scenarios, one of which is the breakout and a further fall in price, but let's not rush things.

Watch out for our news updates. Here we will indicate the specific point of opening positions and stop loss levels.

We wish you all success and good trading!

* All KYRREX publications are made solely for informational and / or marketing purposes and should not be construed as economic, financial, investment advice, recommendations, or trading ideas. KYRREX does not take into account goals and situations of a particular trader in its analytical publications and is not responsible for any loss as a result of investment based on published analytical materials.
Trade active: As we can see on the chart, for the last week Bitcoin was moving in the accumulation zone between the levels of 8410 - 8980.

Therefore, our forecasts for short position have got two scenarios:

1. If the price breaks the resistance level of 8980 and is consolidated above, we maintain our previous forecast with a limit sell order at the level of the balance zone (in the range 9280 - 9500);
2. If the price breaks the level of support and is secured by two 4-hour candles below 8410, we set a limit sell order from this level;

Follow our updates not to miss anything.
Trade closed: target reached: Now we can see that the second scenario is done and the price moved straight to the goal having taken our short order at 8285. Our forecast worked and we achieved the first major goal of 7800 on the way down.


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